Precision Drilling reports Q1 EPS C(42c) including items, consensus 7c Reports Q1 revenue C$533.9M, consensus $488.75M. In the quarter Precision recognized an after tax asset decommissioning charge and goodwill impairment charge that combined reduced net earnings by C$179M and net EPS by C63c.
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Precision Drilling sees 2014 capital expenditures of $504M Precision Drilling Corporation announced that planned capital expenditures for 2014 are $504M. The 2014 capital expenditure plan includes $255M for expansion capital, $192M for sustaining and infrastructure expenditures, and $57M to upgrade existing rigs. The company expects that the $504M will be split $468M in the Contract Drilling segment and $36M in the Completion and Production Services segment. Precision's expansion capital plan includes five new build drilling rigs and the completion and deployment of six previously announced new build drilling rigs. The company anticipates 2013 capital expenditures to be approximately $561M, a $48M decrease from previous guidance. Carry forward capital expenditures of $183M have been included in the 2014 capital expenditure guidance of $504M.